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JAMB Accounting 2017 Objective — Question 27

Question 27 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2017 Objective paper, with the correct answer and a full explanation.

Badge Plc issued 450,000 ordinary shares of 50k each at #1.50 per share, payable: Application and allotment 45k, 1st call 50k, 2nd call 55k. Determine the amount received on the final call.

A. A. #225,000
B. B. #236,250
C. C. #247,500Correct
D. D. #202,500

Explanation

The final (2nd) call money = 55k x 450,000 = #247,500.

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